Cablevision To Explore Spin-Off of MSG Businesses

Cablevision Systems said Thursday morning that its board of directors has authorized management to explore the spin-off of its Madison Square Garden businesses.

MSG includes the Madison Square Garden arena, sports teams the New York Knicks, the New York Rangers and the New York Liberty, music channel fuse, Radio City Music Hall, the Chicago Theater and the Beacon Theater.

In a research note, Miller Tabak media analyst David Joyce estimated the assets could be worth as much as $1.5 billion. The analyst said that a conservative valuation of the MSG properties would be about $755 million.